One of the things going right for both Stockton government and homeowners is the robust appreciation in home prices. A recovering economy, modest inventory, and fewer foreclosures are drivers.
Another big one: well over 40 percent of homes for sale in San Francisco are now listed at $1 million or more.
Mayor Ed Lee has pledged to build thousands of new housing units. And the city is loaning homebuyers up to $200,000 for homes or condos.
But San Francisco’s desirabiliity as a place to live is overpowering these measures, at least for now. As are moneyed tech industry workers. The real culprit is that San Francisco simply doesn’t build enough homes to meet the demand, says an urbanist writer for the Washington Post.
Short- to mid-range forecast: fabulous appreciation of Stockton home values and an easing revenue squeeze for City Hall.